European Union has reached its limits. Drawing on the lessons of the Eurozone crisis and of Brexit, this chapter argues that … (treaty-based) variable geometry or differentiated integration in the core European Union (EU) institutions - especially …-based) institutions, most notably EMU and Schengen, or leave the Union and opt for membership of the European Economic Area only or for a …

We examine the impact of eurozone membership on sovereign creditworthiness over the period 1996-2017. We find that: (a …) the ratings boost was significantly higher in the pre-crisis period (with countries in the periphery of the eurozone being … joining the eurozone, and lowered borrowing costs (as measured by CDS spreads) in line with the ratings boost …

In this paper, we examine the impact of eurozone membership on sovereign creditworthiness over the period 1996-2017 and … the underlying channels through which the impact operates. We find that: (a) eurozone membership improved sovereign credit … ratings, on average by over one notch; (b) the ratings boost was significantly higher in the pre-crisis period (with eurozone …